A.M. Best Comments on RenaissanceRe's CEO Receipt of a Wells Notice.OLDWICK, N.J. -- A.M. Best Co. commented today that RenaissanceRe Holdings Ltd. and its affiliates' (RenaissanceRe) various financial strength, issuer credit and debt ratings are unchanged with a stable outlook after the group's Chief Executive Officer, James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Stanard, received a "Wells Notice A Wells Notice is a letter that the U.S. Securities and Exchange Commission sends to people or firms when it is planning to bring an enforcement action against them. The Wells Notice indicates that the SEC staff has determined it may bring a civil action against the target. " from the Securities and Exchange Commission. This notice relates to the SEC's ongoing investigation into RenaissanceRe's restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of prior year financial statements and indicates that the SEC intends to recommend civil enforcement action against Mr. Stanard for allegedly breaking federal securities laws. A senior vice president of RenaissanceRe, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Cash, who previously resigned from the group after refusing to cooperate with the SEC, has also received a "Wells Notice." At this time, A.M. Best believes that RenaissanceRe has a strong and seasoned management team capable of maintaining the group's leading market position in the event that Mr. Stanard should no longer remain in his current position. Additionally, A.M. Best has noted that RenaissanceRe continues to maintain a very strong capital and liquidity position relative to its ratings, which enables it to withstand the recent negative impact to the group's financial flexibility as a result of the decline in its stock price following the "Wells Notice" for Mr. Stanard. A.M. Best also notes that RenaissanceRe's system of internal controls has been strengthened and opined on by its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together as a result of the internal study completed this past March. As such, the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or leading to the previously noted accounting irregularities should not be repeated. A.M. Best continues to actively monitor this situation and may change its current position if the SEC investigation into RenaissanceRe expands further than Messrs Stanard and Cash. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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